NIRSAL Microfinance Bank (NMFB) is a financial institution established by the Central Bank of Nigeria and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending. Despite the agricultural name in its origin, the bank today serves a wide range of borrowers, from farmers and traders to civil servants and small business owners.
Several government credit schemes operate through NIRSAL MFB, making it one of the most important access points for subsidised credit in Nigeria.
Main loan products
Targeted Credit Facility (TCF)
The Targeted Credit Facility was launched during the COVID-19 period and has since continued as a general SME and household loan product. It targets households, micro-enterprises, and small businesses affected by economic disruption. Loan amounts range from ₦50,000 for individuals to ₦25 million for small businesses, at 5% per annum interest, significantly below commercial rates.
Agric Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)
AGSMEIS is a CBN initiative channelled through NIRSAL MFB. It targets agricultural businesses and non-agricultural SMEs. Interest is charged at 5% per annum with repayment periods up to 7 years for some categories. Applicants need to attend a mandatory entrepreneurship training through a CBN-accredited Entrepreneurship Development Institution (EDI).
Household and SME loans
Beyond the government schemes, NIRSAL MFB offers standard personal and business loans at near-market rates. These are faster to access and involve less documentation than the government-backed products.
How to apply for a NIRSAL loan
Applications for most NIRSAL MFB products go through the bank's official website at nmfb.com.ng. The process involves:
- Creating an account on the NIRSAL MFB portal
- Selecting the relevant loan scheme
- Completing the online application form with your personal and business details
- Uploading required documents (see below)
- Submitting for review
Applications are typically reviewed within 5 to 10 working days. Successful applicants are contacted to complete further verification before disbursement.
Documents required
Requirements vary by product but the common documents are: a valid government-issued ID, BVN, proof of address (utility bill not older than 3 months), bank statements for 6 months, CAC registration for businesses, and evidence of business activity (receipts, invoices, photos).
For AGSMEIS specifically, you also need to provide your EDI training completion certificate before your application is processed.
What to expect after applying
NIRSAL MFB processes a large volume of applications, so timelines can stretch beyond the stated estimate during high-demand periods. Follow up through the portal or by visiting the nearest NIRSAL MFB office. Do not pay anyone who claims to speed up your application. The bank does not charge facilitation fees.